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Glentra Capital, a new energy transition investment firm backed by large Danish investors, announces first close of EUR 443 million
COPENHAGEN, Denmark, Sept. 14, 2023 /PRNewswire/ — With a total commitment of EUR 443 million (DKK 3.3 billion) from anchor investors Novo Holdings and PKA and several other investors, Glentra Capital (‘Glentra’) today announced the first close of its energy transition fund, Glentra Fund I. Based in Copenhagen and London, Glentra is a newly established investment firm with an ambition to accelerate the energy transition for a clean and sustainable future.
Energy transition is the most urgent and complex challenge society faces today. To meet the UN climate goals, investments in renewable energy need to increase substantially, and the way energy is produced, distributed and consumed worldwide must undergo rapid transformation. Glentra Fund I is positioned to leverage this opportunity and identify profitable investments that will benefit its investors and the planet.
Glentra Fund I will invest in and grow great companies that lead in the development and deployment of renewable energy such as offshore and onshore wind, solar, sustainable fuels, energy storage, electric mobility and other related sectors. With a commitment to promote environmental, social and governance (ESG) measures, the fund seeks to drive positive change while delivering attractive returns for its investors.
Glentra is headed by founding Partners Henrik Tordrup and Lars Villadsen, both of whom will be investing a significant amount of their own wealth into the fund. Henrik Tordrup has a background with Ørsted and Copenhagen Infrastructure Partners (CIP), where he had a leading role in establishing CIP’s global investment platform, and Lars Villadsen has a background with Vestas as part of the senior management team in North America. In addition, Glentra comprises a diverse team of investment and industry professionals with deep experience from the renewable energy and investment industries.
Henrik Tordrup, Managing Partner at Glentra, said: “We are thrilled to announce the first close of Glentra Fund I. This milestone represents a significant step forward in our mission to accelerate the transition towards a future based on sustainable energy sources while creating value for portfolio companies and investors. Only by creating value and attractive risk-adjusted returns are we truly able to accelerate the transformation that is needed. We are grateful for the trust and confidence in this vision that our investors have shown us, and we look forward to partnering with them to make a lasting impact on the energy landscape.”
Partner and co-founder at Glentra, Lars Villadsen, added: “Since our establishment, we have been busy building the team and engaging in conversations with interesting companies that share our vision and clearly see the value in partnering with Glentra by incorporating us in their ownership structure.”
Novo Holdings and pension fund PKA are pleased to be part of Glentra’s journey and are aligned with Glentra’s vision.
Morten Beck Jørgensen, Managing Partner, Capital Investments, Novo Holdings, said: “We are proud to be a co-founder of Glentra, and a large anchor investor and limited partner in Glentra Fund I. At Novo Holdings, we firmly believe in the importance of investing to accelerate energy transition and promote sustainable development. By supporting Glentra and Glentra Fund I, we aim to drive positive change within the energy sector and contribute to a more sustainable future, which aligns with Novo Holdings’ purpose of improving people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.”
Michael Nellemann Pedersen, Chief Investment Officer at PKA, said: “PKA is determined to continuously play an active role in the global energy transition. We engage in investments that make an impact towards a future relying solely on renewable energy and simultaneously generate a high financial return for our members. Furthermore, PKA is very pleased to be an anchor investor and large limited partner in Glentra Fund I alongside like-minded and professional partners such as Novo Holdings that share our view on the necessity of investing in and contributing to a more sustainable world for generations to come.”
Investing in the global energy transition has evolved from asset-by-asset investments into a growth industry with underlying infrastructure characteristics that provides resilient and predictable revenues. Consequently, Glentra will leverage and scale the experience of the team to support companies operating within energy transition.
The first close of Glentra Fund I marks an important milestone that paves the way for further investments and partnerships within the energy transition space. Glentra Fund I has commitments of approximately 60% of the EUR 750 million target size and is actively engaging with additional investors and expects to hold subsequent closings in the coming months.
About Glentra Capital
Glentra Capital (‘Glentra’) was founded in 2022 by senior executives from the renewable energy and fund management industries, with the vision to generate attractive risk-adjusted returns while accelerating the global energy transition for a clean and sustainable future. Glentra will contribute to this vision by investing in and growing exceptional companies that deliver the energy infrastructure of tomorrow via investments in development platforms ranging from offshore wind to solar and sustainable fuels and in their supply chain companies as well as in energy optimisation and integration businesses. The geographical investment focus is on Europe and North America due to the fundamentally attractive energy transition environments.
Today, the company employs a total of 16 people across its two offices in Copenhagen and London. The mix of industry and investment experience among Glentra’s partners and team of employees secures a unique platform for growth and value creation for portfolio companies and investors.
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2022, Novo Holdings had total assets of EUR 108 billion.
www.novoholdings.dk
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society. www.novonordiskfonden.dk/en
About PKA
PKA is one of Denmark’s largest pension funds. We provide lifelong security to a community of over 355,000 members, primarily from the social work and healthcare sectors. The members are also our owners. On their behalf, we manage assets of DKK 400 billion (EUR 54 billion), which we invest, among other things, in solar, wind and global goals.
The transaction is structured and managed by Maj Invest Equity on behalf of PKA.
www.pka.dk
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Hyundai Motor and Škoda Group to Collaborate on Hydrogen Advancement and Energy Efficient Solutions for Mobility
- Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague
- Both parties to cooperate in establishing a hydrogen economy and realizing a sustainable future mobility ecosystem
- Škoda Group to explore hydrogen mobility expansion by adopting Hyundai’s hydrogen fuel cell systems and technologies
SEOUL, South Korea and PRAGUE, Sept. 20, 2024 /PRNewswire/ — Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to commence collaboration on establishing a hydrogen mobility ecosystem.
The signing ceremony, which took place at the Korea-Czech Republic Business Summit in Prague, was attended by Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotný, CEO of Škoda Group.
The MOU covers study on adoption of hydrogen fuel cell systems and technologies, study on adoption of energy efficient solutions for mobility projects and products, and exploring hydrogen ecosystem and value chain opportunities beyond mobility.
“Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic,” said Executive Vice President Ramírez. “Together with Škoda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and Škoda Group’s mobility products and projects.”
“We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it’s needed most,” said Petr Novotný, CEO of Škoda Group.
Both parties share the view that hydrogen will be a key pillar for a sustainable society, starting with mobility. As part of the MOU, the parties will explore the possibility that Hyundai would share its fuel cell system and technology, contributing to the acceleration of eco-friendly mobility across global markets where Škoda Group operates, including the Czech Republic.
Hyundai Motor Company and Škoda Group will also conduct feasibility studies for fuel cell system applications for diverse utilization beyond mobility. Leveraging its global expertise and insights in operating various hydrogen applications in both mobility and energy sectors, Hyundai is poised to play a pivotal role in aiding the energy transition.
Hyundai Motor Group is committed to building a hydrogen society under its hydrogen value chain business brand HTWO, which encompasses the Group’s businesses and affiliates, enabling each stage of the entire hydrogen value chain.
Hyundai Motor Manufacturing Czech (HMMC) in Nošovice, established in 2008, has an annual manufacturing capacity of 350,000 vehicles. Considered one of the most modern car manufacturers in Europe, the manufacturing plant was also the largest foreign investment in the Czech Republic.
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Banking as a Service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research
An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market.
PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Banking as a Service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service) and End User (Banks, FinTech Corporations/NBFC and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report, the “banking as a service market” was valued at $4 billion in 2022, and is projected to reach $22.6 billion by 2032, growing at a CAGR of 19.3% from 2023 to 2032.
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An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological innovations as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the increase in cyber-attacks and the high cost of adoption limits the growth of the banking as a service market.
The platform segment held the highest market share in 2022.
By component, the platform segment dominated the market in 2022, this dominance is driven by the increasing demand for integrated banking solutions that allow financial institutions and fintech companies to offer a wide range of banking services through a single, scalable platform. These platforms enable seamless integration of various financial services such as payments, lending, and account management into third-party applications, making them highly valuable in the rapidly evolving digital banking ecosystem. However, the service segment is expected to witness the largest CAGR of 21.4%, this growth is driven by the increasing need for consulting, integration, and support services that help financial institutions and fintech companies effectively implement and manage BaaS platforms. As more businesses adopt digital banking solutions, the demand for specialized services to ensure seamless platform integration, regulatory compliance, and ongoing technical support is rising.
The banks segment held the highest market share in 2022.
By end user, the banks segment accounted for the largest share in 2022. This dominance is due to banks extensive infrastructure and established networks that facilitate international transactions. Their broad range of services, including secure handling of funds, comprehensive financial offerings, and strong regulatory compliance, contribute to their leading position in the banking as a service market. However, the others segment is expected to witness the largest CAGR of 20.4%. In the rapidly evolving Banking-as-a-Service (BaaS) market, several government initiatives and investment firms are poised to witness significant growth. The regulatory frameworks not only foster innovation but also create a conducive environment for BaaS growth. Similarly, investment firms like Accel Partners, Sequoia Capital, and Andreessen Horowitz are heavily investing in fintech and BaaS platforms, fueling their growth and development.
Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @
https://bit.ly/3Zrz5Ta
Regional Insights: The Europe region held the highest market share in 2022.
By region, the banking as a service market was dominated by Europe in 2022. This dominance is largely attributed to the region’s early adoption of open banking regulations, such as the revised payment services directive (PSD2), which has fostered collaboration between traditional banks and fintech companies. Europe’s regulatory environment encourages innovation and competition in financial services, making it a leading market for BaaS platforms.
Key Industry Developments
- In May 2024, Fintech unicorn Zeta launched a digital credit-as-a-service product for its enterprise customers, primarily banks. The product is based on the credit lines on the UPI scheme that the Reserve Bank of India rolled out in September to reduce the cost of financial services and allow users to access pre-approved credit through their UPI-linked accounts.
- In May 2024, AppTech Payments Corp. launched InstaCash, which utilizes the BaaS for virtual accounts, debit and credit cards, and high-interest-yielding financial products.
- In September 2023, Konsentus partnered with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions will deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.
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Players: –
- Solaris SE
- Bnkbl Ltd
- Treasury Prime
- Block Inc.
- MatchMove Pay Pte Ltd
- ClearBank Ltd
- Stripe Inc.
- Green Dot Corporation
- Starling Bank
- Banco Bilbao Vizcaya Argentaria
- S.A.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking-as-a-service market analysis from 2022 to 2032 to identify the prevailing banking-as-a-service market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the banking-as-a-service market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global banking-as-a-service market trends, key players, market segments, application areas, and market growth strategies.
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Banking-as-a-Service Market Key Segments:
By Component
- Platform
- Service
By Type
- API-based Bank-as-a-service
- Cloud-based Bank-as-a-service
By End User
- Banks
- FinTech Corporations/NBFC
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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UK Banking-as-a-Service Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by End User: Opportunity Analysis and Industry Forecast, 2022-2032
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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